Paris to host 2024 Olympics, Los Angeles to follow in 2028

In unusual circumstances, the International Olympic Committee announced two host cities at the same event, with Bach calling it a "golden opportunity" to award two Games simultaneously.

LA, meanwhile, gets the certainty of a Games without a bidding contest and early access to at least £1.8billion in shared revenue to kick-start its legacy plans 11 years early. The win was all but certain after the International Olympic Committee in August struck a deal with Los Angeles Mayor Eric Garcetti to host the games in his city in 2028.

The IOC members at the 131st IOC Session unanimously approved a so-called tripartite agreement between the cities and the IOC by a show of hands to settle the double awarding, instead of voting for a city in a secret ballot as in the past. France has hosted five Olympics. "With this team, I am very proud and moved to bring the Games back to Paris".

"These two gentlemen never gave up on LA's Olympic dreams - and thank goodness, they didn't", he said. The wait was much longer than Los Angeles, the French city hosted its last Olympics back in 1924.

"These are two great cities from two great countries with a great Olympic history". It seeks to streamline the Games, most notably by eliminating billion-dollar stadiums and infrastructure projects that have been underused, if used at all, once the Olympics leave town.

Paris will have the traditional seven-year time frame to answer that. Beach volleyball will be played near the Eiffel Tower; cycling will finish at the Arc de Triomphe; equestrian will be held at the Chateau de Versailles.

That leaves only the presentations by Paris and Los Angeles, and then a vote to confirm both bids. Estimates say the costs of the 2016 Rio Olympics were around $12 billion.

The expected windfall comes as welcome news to the city, which is finally seeing improving tourist numbers, following its loss to London for the 2012 Games. The city points to its Olympic legacy to explain a almost unheard-of 83 percent approval rating in a self-commissioned poll - not an insignificant factor when the IOC picks a place to bring its crown-jewel event.

Those 1984 Games essentially saved the Olympic movement after a decade of terror, red ink and a boycott sullied the brand and made hosting a burden.

"It's a unique opportunity to do two at the same time", Wasserman said. Initially, Boston was the city chosen to represent the United States in the 2024 bid, but the city dropped out after officials became hesitant of putting taxpayers on the hook for the cost.